How Term Life Insurance Protects Your Family

Insurance is a very important part of living a secure and stable lifestyle. To be prepared for the things that life can throw at you is no small task. It also helps you achieve the noble deed of making sure your family is financially sound even if the worst should happen to you. It is also a great way to save your money for the future and old age. If you are an Indian living abroad, things can get a little confusing. Consult us for the best advice on term life insurance plan for NRI and their families.

1. What is Term Life Insurance

This is a type of insurance that pays out on meeting one of two conditions. The first condition is that the insured person dies, the second is that the set ‘Term’ of the insurance has passed while the insured is still alive. The payout is pre-calculated and will be given to the beneficiaries of the insured in the event of death. What happens when the insured outlives the term depends on the policy that has been chosen. Some policies offer a refund of premiums upon the maturity of the policy.

2. Choosing a policy

The best term life insurance plan for NRI families can be difficult to find. There are tax implications and other complications in the process which can make it confusing. This is why we insist that you buy life insurance on nrilifeinsurance.com – best place for NRI’s to shop for Life Insurance. We have gone through the insurance process for thousands of NRI’s in the United States and have ensured a collective USD 4 billion in our 15 years of work.

3. Term Life Insurance Protects Your Family

If you are the breadwinner of the family, you are one of the key pillars of your family’s quality of life. Whether this is by providing necessities or luxuries, the last thing anyone wants their family to suffer is a poorer quality of life. This can be avoided through term life insurance. Pick a policy that gives you a sum assured to cover your costs of living. Monthly or yearly premiums will have to be paid out. Consider it a part of your savings, since the money will come back to you as long as you can pay the premiums. While it will provide no solace to your family should you meet an untimely end, the money will keep them secure and help them move forward.

4. Protection through old age

Growing old is expensive and increases your dependency on your family. However, if your term life insurance pays out after the term has passed, this allows you to reduce the financial burden on your family. You can still take care of yourself and your loved ones when you can no longer work. Health complications are also common in old age and being self-sufficient is something everyone strives towards. Visit NRIlifeinsurance.com to find out more about the best term insurance plan for NRI and how you can maximize your benefits and savings.